It is a throwback from Soviet times but it remains a national holiday in Russia today. It is the day when women are celebrated - with wives, girlfriends, daughters, mothers, mother in laws, grandmothers, aunts, etc, receiving flowers, chocolates and cakes from the men in their lives.
I've been in Russia on two occasions when when this holiday has been celebrated. Flower sellers on every street and metro entrance; Men carrying cake boxes with string handles and bunches of flowers wrapped in copies of Pravda; and people greet each other with 'S praznikom' (happy holiday, i think) - it is a happy occasion which is widely celebrated.
But as women say in Russia "1 day for women, 364 days for men" bemoaning the fact that their menfolk do very little the rest of the year to contribute to the household chores. Even on International Women's day they can get a raw deal - I was walking around Red Square on a bitterly cold night of 8th March 1988 when I spotted two women shoveling snow on to the back of a truck - back-breaking work; meanwhile, sitting in the warm cabin of the truck, was their male co-worker relaxing with a cigarette!